What this chapter covers
Law 190(I)/2007 sets the transparency rules for issuers whose securities are admitted to trading on a regulated market and whose home Member State is Cyprus. It puts the EU Transparency Directive into Cypriot law, and CySEC supervises it. The first notes cover the Law's scope, how regulated information is published, filed and stored, the sanctions, the annual and half-yearly financial reports, the issuers exempt from periodic reporting and the report on payments to governments.
The last group deals with duties that arise as things change: the issuer's disclosures of own shares, voting-rights totals and changes in rights, its duties towards shareholders and bondholders, and the notifications that holders of voting rights must make when they reach or cross a threshold.
The exam material cites the Law as amended up to 2017 and includes most of the 2016 changes, but it still gives the next working day where the Law has counted trading days since 16 June 2017. Two laws of 2025 then added filing for the European single access point from 10 July 2026 and sustainability reporting, and wrote the ESEF format, used since financial year 2021, into the Law. Each note teaches what the exam tests and then the rule that applies today.
The 7 topics
Each note starts with a short answer and a table of the facts to remember.
Periodic reporting
- Which issuers must follow the Transparency Law, how do they publish, and what sanctions apply?Which issuers the Law covers, the home Member State, how regulated information is published, filed and stored, presumed liability and the fines.€10,000,000 / €2,000,0008 min
- What must an issuer's annual financial report contain, and when is it due?The deadline and three parts of the annual financial report, who signs the responsibility statements, the audit and the ESEF format.4 months10 years8 min
- What must the half-yearly financial report contain, and when is it due?The deadline and contents of the half-yearly report, IAS 34, the optional audit or review, and the repeal of interim management statements.3 months7 min
- Who is exempt from periodic reporting, and who must report payments to governments?The public bodies and wholesale debt issuers exempt from periodic reporting, and the separate report on payments to governments.€100,0006 months6 min
Ongoing duties and holders
- What must an issuer disclose on an ongoing basis, and how fast?Own-share disclosures, the monthly voting-rights total, publishing holders' notifications and changes in rights, with the fines.Next trading day7 min
- What must issuers do so that shareholders and bondholders can exercise their rights?Equal treatment, meeting information, proxy forms, the financial-institution agent and electronic communication for shareholders and bondholders.€85,000 / €170,0007 min
- When must a holder of voting rights notify the issuer and CySEC?The eight thresholds, what counts as a holding, financial instruments, the exemptions, and the deadlines for holders and issuers.5%–75%3 trading days8 min
The numbers to know
Every figure in this chapter, with the note that explains it.
| Figure | What it is | Note |
|---|---|---|
| 4 months | Latest time after the financial year ends for publishing the annual financial report | Topic 2: What must an issuer's annual financial report contain, and when is it due? |
| 3 months | Latest time after the first half-year ends for publishing the half-yearly financial report (two months until 8 April 2016) | Topic 3: What must the half-yearly financial report contain, and when is it due? |
| 10 years | Minimum time the annual and half-yearly financial reports stay publicly available | Topic 2: What must an issuer's annual financial report contain, and when is it due? |
| 5% to 75% | Voting-rights thresholds that trigger a notification: 5, 10, 15, 20, 25, 30, 50 and 75% | Topic 7: When must a holder of voting rights notify the issuer and CySEC? |
| 3 trading days | Time a holder has to notify the issuer and CySEC after a transaction takes it to or across a threshold; the issuer then publishes by the next trading day | Topic 7: When must a holder of voting rights notify the issuer and CySEC? |
| €10m · €2m | Maximum fines for legal persons and for individuals for the main breaches, or twice the profit gained or loss avoided if higher | Topic 1: Which issuers must follow the Transparency Law, how do they publish, and what sanctions apply? |